Six-per­son ALS biotech wants to go pub­lic — but it’s al­so piv­ot­ing from ear­li­er plans

With an S-1 fil­ing with the SEC on Fri­day, reg­u­la­to­ry T cell op­er­a­tion Coya Ther­a­peu­tics fore­shad­owed its plans to get on Nas­daq. At six full-time em­ploy­ees, the biotech out of Hous­ton would make for a tiny pub­lic com­pa­ny.

The move comes at a time when IPOs in biotech are scarce, as the bear mar­ket con­tin­ues to bat­ter the in­dus­try. In No­vem­ber, Acrivon Ther­a­peu­tics was the lone biotech to make the bold jump while oth­ers like Arti­va, Eli­cio and Emalex backed away from the pub­lic mar­ket.

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